(Bloomberg) — Chesapeake Energy Corp., the U.S. natural gas producer that’s struggling under the burden of a high debt-load and low prices, said its second-biggest investor distributed its stake to its limited partners.NGP Energy Capital Management LLC “made an in kind pro rata distribution of the shares” to partners of its funds, Oklahoma City-based Chesapeake said in a statement late Tuesday. The statement made no further clarification, and calls and messages to Chesapeake and NGP after normal business hours weren’t immediately returned.NGP held a 16% stake with a market value of $208.2 million. The private equity firm became a major …read more […]
(Bloomberg) — Japan’s most-popular tourist city is exploring a possible sale of debt to finance environmental, social and governance projects, in what may be the country’s only such municipal bond after Tokyo, the mayor of Kyoto said.The historic old capital of Japan, which has more than 1,600 temples, is considering a yen issuance to help meet funding toward the United Nations’ sustainable development goals (SDGs), Daisaku Kadokawa, 68, said in an interview after meeting with potential investors and financial institutions on Monday in Tokyo. Dressed in his trademark locally made kimono, Kadokawa said he’s talking to banks about projects that …read more […]
(Bloomberg) — Chinese electric-car maker Xpeng Motors Technology Ltd. has raised $400 million from investors including technology company Xiaomi Corp., as it seeks a spot among China’s more serious contenders in the market.Private-equity firms and individual investors including founder He Xiaopeng also took part in the funding round, the company said Wednesday in a statement.The startup said in June it has produced 10,000 units of its G3 sport utility vehicle, putting it in competition with local rivals such as NIO Inc. and global competitors including Tesla Inc. in the world’s biggest EV market.Yet demand in China is sputtering, with EV …read more […]
Major automakers think U.S. President Donald Trump will again this week push back a self-imposed deadline on whether to put up to 25% tariffs on national security grounds on imported cars and parts from the European Union and Japan amid an ongoing trade war with China, five auto officials told Reuters.
California Gov. Gavin Newsom is stepping up pressure on Pacific Gas & Electric to fork over billions more in cash to pay thousands of people who lost homes in wildfires that drove the utility into bankruptcy. The rising tensions were scheduled to be aired out in a bankruptcy court hearing Wednesday, but it was abruptly postponed on Tuesday to Nov. 19. The delay could allow the sides to negotiate a compromise on PG&E’s blueprint for its financial revival. …read more […]
One of two Boeing Co technical pilots who described flaws in a crucial flight control system in leaked 2016 instant messages has been transferred to a new job at the U.S. planemaker, two people familiar with the matter said on Tuesday. Boeing shares tumbled after the conversation between the employee, Patrik Gustavsson, and then-chief technical pilot Mark Forkner became public on Oct. 18. The comments by Forkner, who has since left Boeing, were among those pinpointed by U.S. lawmakers in hearings in Washington as evidence Boeing knew about problems with flight control software well before two crashes of …read more […]
(Bloomberg Opinion) — Your mother probably told you never to get in a car with a stranger. The multibillion-dollar global ride-hailing industry depends on your ignoring her. If they want to earn that trust, though, companies need to rethink the tradeoff they’ve long made between safety and cost.Around the world, passengers are now hailing more than 10.5 billion rides a year. Not surprisingly, some have ended in tragedy. Uber Technologies Inc. came under fire in India after a 26-year-old woman was raped by one of its drivers in 2014, and local rival Ola has faced a similar backlash. In the …read more […]
(Bloomberg) — Global oil demand will hit a plateau around 2030 as the use of more efficient cars and electric vehicles ends an expansion that dominated the past century, the International Energy Agency predicts.While the current growth rate of 1 million barrels a day — or about 1% — will hold for the next five years, it will ebb to just 100,000 barrels a day in the 2030s, the agency said. By that time, the use of oil-based fuels in passenger cars will have peaked, the IEA said in its long-term World Energy Outlook.“Oil demand plateaus post-2030,” said Fatih Birol, …read more […]